Good afternoon traders, today is another day of interesting trading as we came in down off the open for the 3nd time this week. only to retrace and briefly touch green on the day above the 1142 level. Currently we are at 1141.50 coming off a break out of a wedge pictures above at the 1140 level. Clearly this market is a technical market, though you cannot use volume as a forward looking indicator on price. The lower the volume the higher the move as we have all seen the past 2 years. The market is flat on the day currently, it is anyones guess as to where the machines will drift us during NYC lunch, though im guessing higher.
As for the other futures levels today, we are looking at intra day support being 1136 and resistance being 1142.25
The options markets are rather quiet today, and this year.. with DELL and WDC calls active. Other notable movers are RIG and BP in the energy space, as well as GMCR on the downside. You have banks getting hit today with BAC GS and DD (regions financial) all seeing business on the bids.
also NFLX is up at all time highs again, as well as spot GOLD GC_F